# Robustness: Winsorized CA/GDP (p1/p99)

| Variable | EMU: CA wins | CFA: CA wins |
|:---|---:|---:|
| Z_1 | -185.7584*** | 96.9782*** |
| | (35.4685) | (32.3295) |
| Z_2 | 23.4137*** | -12.3601** |
| | (4.5936) | (5.3102) |
| Z_3 | -0.8360*** | 0.4599** |
| | (0.1701) | (0.2305) |
| fiscal_bal_gdp | -0.0577 | 0.4903*** |
| | (0.0572) | (0.0574) |
| nfa_gdp_lag | 1.2861** | 2.1485** |
| | (0.6277) | (1.0748) |
| rgdp_growth | 0.1080*** | 0.0331 |
| | (0.0326) | (0.0268) |
|:---|---:|---:|
| N | 447 | 528 |
| R² | 0.2302 | 0.2839 |
| Countries | 19 | 14 |

*Panel GLS with country and year fixed effects. CA/GDP winsorized at 1st/99th percentile within each union to reduce outlier influence.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*